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Centerra Gold Reports Fourth Quarter and Full Year 2023 Results; Second Consecutive Quarter of Strong Cash Flow from Operating Activities; Over $600 Million in Cash and Cash Equivalents

Press Release

February 22, 2024

Centerra Gold Reports Fourth Quarter and Full Year 2023 Results; Second Consecutive Quarter of Strong Cash Flow from Operating Activities; Over $600 Million in Cash and Cash Equivalents

All figures are in United States dollars. All production figures reflect payable metal quantities and are on a 100% basis, unless otherwise stated. For references denoted with NG, refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release for a description of these measures.

TORONTO, Feb. 22, 2024 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG and NYSE: CGAU) today reported its fourth quarter and full year 2023 operating and financial results.

President and CEO, Paul Tomory, commented, “Centerra delivered a strong finish to 2023, producing 350,317 ounces of gold and 61.9 million pounds of copper in the full year, with Mount Milligan achieving the highest mill throughput since the start of operations in August 2013. We met our revised 2023 production and cost guidance, and ended the year with robust cash and cash equivalents of over $600 million. The fourth quarter of 2023 was our second consecutive quarter of significant free cash flow, spearheaded by the re-start at Öksüt in June 2023. In 2024, we expect to produce between 370,000 and 410,000 ounces of gold, which the midpoint is 11% higher than last year’s production, and copper production is expected to be between 55 and 65 million pounds. We are well-positioned for a strong 2024 as we continue to deliver on our strategic plan and maximize the value of the assets in our portfolio.”

Fourth Quarter 2023 Highlights

Operations

  • Production: Fourth quarter 2023 consolidated gold production of 129,259 ounces, including production of 40,503 ounces of gold from the Mount Milligan Mine (“Mount Milligan”) and 88,756 ounces of gold from the Öksüt Mine (“Öksüt”). Copper production in the quarter was 19.7 million pounds.
  • Sales: Fourth quarter 2023 gold sales of 130,281 ounces at an average realized gold price NG of $1,846 per ounce and copper sales of 16.6 million pounds at an average realized copper price NG of $3.00 per pound. The average realized gold and copper prices include the impact from the Mount Milligan streaming agreement.
  • Costs: Consolidated gold production costs were $595 per ounce and all-in sustaining costs (“AISC”) on by-product basis NG were $831 per ounce for the quarter.
  • Capital expenditures NG : Fourth quarter 2023 additions to property, plant, equipment (“PPE”) and sustaining capital expenditures NG were $67.9 million and $34.5 million, respectively. Sustaining capital expenditures NG in the fourth quarter 2023 primarily included construction of a water pumping system at Mount Milligan, and deferred stripping and heap leach expansion at Öksüt.

Financial

  • Net earnings: Fourth quarter 2023 net loss of $28.8 million or a loss of $0.13 per share and adjusted net earnings NG of $61.2 million or $0.28 per share. Main adjustments include $50.0 million of reclamation provision revaluation expense and $34.1 million of impairment loss relating to the Kemess Project and Berg property. For additional adjustments refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release.
  • Free cash flow NG : In the fourth quarter 2023, cash provided by operating activities was $145.4 million and free cash flow NG was $111.0 million. This includes $144.3 million of cash provided by mine operations and $127.9 million of free cash flow at Öksüt.
  • Cash and cash equivalents: Total liquidity of $1,011.0 million, representing a cash balance of $612.9 million and $398.1 million available under a corporate credit facility as at December 31,2023.
  • Dividend: Quarterly dividend declared of C$0.07 per common share.

Other

  • Share buybacks: Under Centerra’s Normal Course Issuer Bid (“NCIB”) program, the Company repurchased and cancelled 361,500 common shares in the fourth quarter 2023, for the total consideration of $2.1 million.
  • Corporate development updates: In the fourth quarter 2023, Centerra received a milestone payment of $25 million from a subsidiary of the Orion Mine Finance Group in relation to the sale of its 50% interest in the Greenstone Gold Mines Partnership (“Greenstone Project”) in 2021.

Full Year 2023 Highlights

Operations

  • Production: Full year 2023 consolidated gold production was 350,317 ounces, achieving the mid-point of the 2023 gold production guidance range, including production of 154,391 ounces of gold from Mount Milligan and 195,926 ounces of gold from Öksüt. Copper production for the full year was 61.9 million pounds, in line with the 2023 copper production guidance range.
  • Sales: Full year 2023 gold sales of 348,399 ounces at an average realized gold price of $1,718 per ounce and copper sales of 60.1 million pounds at an average realized copper price of $3.01 per pound.
  • Costs: Full year 2023 consolidated gold production costs were $733 per ounce and AISC on by-product basis NG were $1,013 per ounce, in line with the 2023 gold production cost and AISC on by-product basis NG guidance ranges.
  • Capital expenditures NG : Full year 2023 additions to property, plant, equipment (“PPE”) and sustaining capital expenditures NG were $121.7 million and $83.5 million, respectively. Sustaining capital expenditures NG for the full year were below the 2023 guidance range as a result of lower capitalization to the tailings storage facility (“TSF”) at Mount Milligan and the deferral of some capital spending to 2024.
  • 2024 Guidance: As published on February 14, 2024, Centerra’s 2024 consolidated gold production guidance is between 370,000 and 410,000 ounces, an 11% increase from the midpoint of guidance over last year’s production, and copper production guidance is between 55 and 65 million pounds of copper. 2024 consolidated gold production cost guidance is between $800 and $900 per ounce and consolidated AISC on a by-product basis NG guidance is between $1,075 and $1,175 per ounce.

Financial

  • Net earnings: Full year 2023 net loss of $81.3 million or a loss of $0.37 per share and adjusted net earnings NG of $10.5 million or $0.05 per share. Main adjustments include $34.2 million of reclamation provision revaluation recovery, $34.1 million of impairment loss relating to the Kemess Project and Berg property, $19.7 million of income tax expense resulting from the effect of foreign exchange rate changes on monetary assets and liabilities in the determination of taxable income related to Öksüt and Mount Milligan as well as a one-time income tax levied on taxpayers eligible to claim Turkish Investment Incentive Certificate benefits in 2022. For additional adjustments refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release.
  • Free cash flow NG : Full year 2023 cash provided by operating activities of $245.6 million and free cash flow NG of $160.2 million.

Other

  • Share buybacks: During the year-ended December 31, 2023, Centerra repurchased and cancelled 3,475,800 common shares for a total consideration of $20.4 million under its NCIB program.
  • Öksüt: On May 31, 2023, the Turkish Ministry of Environment, Urbanization and Climate Change approved an amended Environmental Impact Assessment for Öksüt and the Company resumed full operations at the mine on June 5, 2023.
  • Corporate credit facility: In September 2023, the Company announced the extension of its $400 million revolving credit facility, which is currently undrawn, with a renewed four-year term maturing on September 8, 2027.
  • Strategic plan: In September 2023, Centerra announced its strategic plan for each asset in the Company’s portfolio along with its approach to capital allocation. The strategic plan identifies the opportunities at each asset that will maximize the value and drive future growth for the Company. In conjunction with the execution of the strategic plan, Centerra developed a capital allocation strategy that is currently focused on returning capital to shareholders through dividends and share buybacks, investing in internal projects and exploration within the current portfolio, and evaluating external opportunities for growth.
  • Renewal of NCIB: In November 2023, Centerra renewed its NCIB to purchase for cancellation up to an aggregate of 18,293,896 common shares in the capital of the Company (“Common Shares”), representing 10% of the public float.

Highlights Subsequent to Year End 2023

  • Mount Milligan mine life extension and additional agreement with Royal Gold: Centerra announced an additional agreement with Royal Gold related to Mount Milligan, which resulted in a life of mine extension to 2035, and established favourable parameters for potential future mine life extensions. This is a key first step in the Company’s strategy to realize the full potential of this cornerstone asset in a top-tier mining jurisdiction. For additional details, please refer to the announcement entitled “ Centerra Gold Announces Mount Milligan Mine Life Extension and Additional Agreement with Royal Gold ”, issued on February 14, 2024.

Table 1 – Overview of Consolidated Financial and Operating Highlights

($millions, except as noted) Three months ended
December 31,
Years ended
December 31,
2023 2022 % Change 2023 2022 % Change
Financial Highlights
Revenue 340.0 208.3 63 % 1,094.9 850.2 29 %
Production costs 161.3 158.1 2 % 706.0 574.6 23 %
Depreciation, depletion, and amortization (“DDA”) 40.6 17.2 136 % 124.9 97.1 29 %
Earnings from mine operations 138.1 33.0 318 % 264.0 178.5 48 %
Net loss (28.8 ) (130.1 ) 78 % (81.3 ) (77.2 ) (5 )%
Adjusted net earnings (loss) ( 1) 61.2 (13.7 ) 547 % 10.5 (9.4 ) 212 %
Cash provided by (used in) operating activities 145.4 (9.8 ) 1584 % 245.6 (2.0 ) 12380 %
Free cash flow (deficit) ( 1) 111.0 (25.3 ) 539 % 160.2 (82.9 ) 293 %
Additions to property, plant and equipment (“PP&E”) 67.9 27.9 143 % 121.7 275.1 (56 )%
Capital expenditures – total ( 1) 36.4 15.4 136 % 88.3 73.2 21 %
Sustaining capital expenditures ( 1) 34.5 15.3 125 % 83.5 71.1 17 %
Non-sustaining capital expenditures ( 1) 1.9 0.1 1800 % 4.8 2.1 129 %
Net loss per common share – $/share basic ( 2) (0.13 ) (0.59 ) 78 % (0.37 ) (0.29 ) (27 )%
Adjusted net earnings (loss) per common share – $/share basic ( 1)(2) 0.28 (0.06 ) 567 % 0.05 (0.04 ) 225 %
Operating highlights
Gold produced (oz) 129,259 53,222 143 % 350,317 243,867 44 %
Gold sold (oz) 130,281 49,443 163 % 348,399 242,193 44 %
Average market gold price ($/oz) 1,974 1,728 14 % 1,942 1,800 8 %
Average realized gold price ($/oz ) (3) 1,846 1,352 37 % 1,718 1,446 19 %
Copper produced (000s lbs) 19,695 16,909 16 % 61,862 73,864 (16 )%
Copper sold (000s lbs) 16,562 15,374 8 % 60,109 73,392 (18 )%
Average market copper price ($/lb) 3.70 3.63 2 % 3.85 3.99 (4 )%
Average realized copper price ($/lb) ( 3) 3.00 3.43 (13 )% 3.01 2.95 2 %
Molybdenum sold (000s lbs) 2,158 4,040 (47 )% 11,235 13,448 (16 )%
Average market molybdenum price ($/lb) 18.64 21.49 (13 )% 24.19 18.73 29 %
Average realized molybdenum price ($/lb) 20.35 20.86 (2 )% 25.39 19.69 29 %
Unit costs
Gold production costs ($/oz) ( 4) 595 790 (25 )% 733 681 8 %
All-in sustaining costs on a by-product basis ($/oz) ( 1)(4) 831 987 (16 )% 1,013 860 18 %
All-in costs on a by-product basis ($/oz) ( 1)(4) 973 1,572 (38 )% 1,285 1,201 7 %
Gold – All-in sustaining costs on a co-product basis ($/oz) ( 1)(4) 905 1,308 (31 )% 1,069 1,112 (4 )%
Copper production costs ($/lb) ( 4) 1.85 2.00 (8 )% 2.29 1.70 35 %
Copper – All-in sustaining costs on a co-product basis – ($/lb) ( 1)(4) 2.42 2.40 1 % 2.69 2.12 27 %

(1) Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.
(2) As at December 31, 2023, the Company had 215,497,133 common shares issued and outstanding.
(3) This supplementary financial measure within the meaning of National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 51-112”). is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold and includes the impact from the Mount Milligan Streaming Agreement, copper hedges and mark-to-market adjustments on metal sold not yet finally settled.
(4) All per unit costs metrics are expressed on a metal sold basis.

2024 Outlook

Centerra’s 2024 outlook and comparative actual results for 2023 are set out in the tables below.

Units 2024
Guidance
2023
Actuals
Production
Total gold production ( 1) (Koz) 370 – 410 350
Mount Milligan Mine ( 2)(3)(4) (Koz) 180 – 200 154
Öksüt Mine (Koz) 190 – 210 196
Total copper production ( 2)(3)(4) (Mlb) 55 – 65 62
Unit Costs ( 5)
Gold production costs ( 1) ($/oz) 800 – 900 733
Mount Milligan Mine ( 2) ($/oz) 950 – 1,050 1,088
Öksüt Mine ($/oz) 650 – 750 457
All-in sustaining costs on a by-product basis NG ( 1)(3)(4) ($/oz) 1,075 – 1,175 1,013
Mount Milligan Mine ( 4) ($/oz) 1,075 – 1,175 1,156
Öksüt Mine ($/oz) 900 – 1,000 675
Capital Expenditures
Additions to PP&E ( 1) ($M) 108 – 140 121.7
Mount Milligan Mine ($M) 55 – 65 62.0
Öksüt Mine ($M) 40 – 50 50.5
Total Capital Expenditures NG ( 1) ($M) 108 – 140 88.3
Mount Milligan Mine ($M) 55 – 65 44.0
Öksüt Mine ($M) 40 – 50 36.9
Sustaining Capital Expenditures NG ( 1) ($M) 100 – 125 83.5
Mount Milligan Mine ($M) 55 – 65 44.0
Öksüt Mine ($M) 40 – 50 36.9
Non-sustaining Capital Expenditures NG ( 6) ($M) 8 – 15 4.8
Depreciation, depletion and amortization ( 1) ($M) 140 – 165 124.9
Mount Milligan Mine ($M) 90 – 100 76.5
Öksüt Mine ($M) 45 – 55 44.1
Income tax and BC mineral tax expense ( 1) ($M) 47 – 57 85.7
Mount Milligan Mine ($M) 1 – 5 2.0
Öksüt Mine ($M) 46 – 52 83.7
  1. Consolidated Centerra figures.
  2. The Mount Milligan Mine is subject to an arrangement with RGLD Gold AG and Royal Gold, Inc. (together, “Royal Gold”) which entitles Royal Gold to purchase 35% and 18.75% of gold and copper produced, respectively, and requires Royal Gold to pay $435 per ounce of gold and 15% of the spot price per metric tonne of copper delivered (“Mount Milligan Streaming Agreement”) in the presented periods. Using an assumed market gold price of $1,850 per ounce and a blended copper price of $3.50 per pound for 2024, Mount Milligan Mine’s average realized gold and copper price for 2024 would be $1,355 per ounce and $2.94 per pound, respectively, compared to average realized prices of $1,431 per ounce and $3.01 per pound in 2023, when factoring in the Mount Milligan Streaming Agreement and concentrate refining and treatment costs. The blended copper price of $3.50 per pound factors in copper hedges in place as of December 31, 2023.
  3. In 2024, gold and copper production at the Mount Milligan Mine is projected with recoveries estimated at 64% and 78%, respectively. This compares to the 2023 recoveries of 64.0% for gold and 77.6% for copper for in 2023. Gold production at the Öksüt Mine assumes recoveries of approximately 76%.
  4. Unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costs NG and all-in costs NG . Production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions levied by smelters.
  5. Units noted as ($/oz) relate to gold ounces and ($/lb) relate to copper pounds.

Molybdenum Business Unit

(Expressed in millions of United States dollars) 2024
Guidance
2023
Actuals
Langeloth Facility
Loss from operations NG ( 1) (5) – (15) (14)
Cash (used in) provided by operations before changes in working capital (5) – 0 (8)
Changes in Working Capital (20) – 20 (10)
Cash (Used in) Provided by Operations (25) – 20 (18)
Sustaining Capital Expenditures NG (5) – (10) (1)
Free Cash Flow (Deficit) from Operations NG ( 2) (30) – 10 (19)
Thompson Creek Mine ( 2)
Non-sustaining Capital Expenditures NG (7) – (12) (1)
Project Evaluation Expenses ( 3) (17) – (20) (13)
Care and Maintenance Expenses (1) – (3) (10)
Cash Used in Operations (25) – (35) (24)
Endako Mine
Care and Maintenance Expenses (5) – (7) (5)
Reclamation Costs ( 4) (15) – (18) (21)
Cash Used in Operations (20) – (25) (9)
  1. Includes DDA of $4.3 million in the 2023 actuals and $5 to $10 million in 2024 guidance.
  2. Outlook range for the Thompson Creek Mine relates to the first half of 2024 only.
  3. Project evaluation expenses are recognized as expense in the consolidated statements of loss.
  4. Relates to reclamation costs included in the reclamation provision as at December 31, 2023.

Project Evaluation, Exploration, and Other Costs

The Company’s 2024 outlook for the Goldfield Project, Kemess Project, corporate administration, and other exploration projects and comparative actual results for 2023 are set out in the following table:

(Expressed in millions of United States dollars) 2024
Guidance
2023
Actuals
Project Exploration and Evaluation Costs ( 1)
Goldfield Project 9 – 13 15.4
Thompson Creek Mine ( 2) 17 – 20 13.0
Total Project Evaluation Costs 26 – 33 28.4
Brownfield Exploration ( 1) 17 – 22 40.7
Greenfield and Generative Exploration 18 – 23 10.0
Total Exploration Costs 35 – 45 50.7
Total Exploration and Project Evaluation Costs 61 – 78 79.1
Other Costs
Kemess Project ( 3) 24 – 30 11.1
Corporate Administration Costs 37 – 42 44.9
Stock-based Compensation 8 – 10 9.2
Other Corporate Administration Costs 29 – 32 35.7
  1. The exploration and project evaluation costs include both expensed exploration and project evaluation costs as well as capitalized exploration costs and exclude business development expenses. Approximately $1.3 million of these capitalized exploration costs are also included in the projected 2024 sustaining capital expenditures NG at the Mount Milligan Mine, compared to $1.2 million of capitalized exploration costs at the Mount Milligan Mine incurred in 2023. In addition, approximately $0.8 million of capitalized project evaluation costs at the Goldfield project are also included in 2024 non-sustaining capital expenditures NG compared to $3.7 million of such costs in 2023.
  2. Outlook range for the Thompson Creek Mine relates to the first half of 2024 only.
  3. Relates to reclamation costs included in the reclamation provision as at December 31, 2023.

Mount Milligan

Mount Milligan produced 40,503 ounces of gold and 19.7 million pounds of copper in the fourth quarter of 2023. In the full year 2023, Mount Milligan produced 154,391 ounces of gold and 61.9 million pounds of copper, achieving production guidance for the year of 150,000 to 160,000 ounces of gold and 60 to 70 million pounds of copper. During the fourth quarter of 2023, mining activities were carried out in phases 5, 6, 7, and 9 of the open pit. A total of 12.4 million tonnes were mined in the fourth quarter of 2023. Process plant throughput for the fourth quarter of 2023 was 5.8 million tonnes and averaged 60,927 tonnes per day. In the full year 2023, Mount Milligan achieved the highest mill throughput since the start of operations in August 2013.

Mount Milligan’s 2024 gold production guidance is 180,000 to 200,000 ounces, which, at the midpoint, is 23% higher than last year’s production. This is mainly due to mine sequencing and higher gold grades. 2024 copper production is expected to be 55 to 65 million pounds. Both gold and copper production are expected to be evenly weighted throughout the year, however, gold and copper sales in the second half of 2024 are expected to contribute approximately 55% of the annual sales.

Gold production costs in the fourth quarter 2023 were $946 per ounce. Full year 2023 gold production costs were $1,088 per ounce, in line with the previously disclosed guidance range of $1,050 to $1,100 per ounce. Fourth quarter 2023 AISC on a by-product basis NG was $946 per ounce, and full year 2023 AISC on a by-product basis NG was $1,156 per ounce, beating the previously disclosed guidance range of $1,175 to $1,225 per ounce.

At Mount Milligan, full year 2024 gold production costs are expected to be $950 to $1,050 per ounce. Full year 2024 AISC on a by-product basis NG guidance at Mount Milligan is expected to be $1,075 to $1,175 per ounce. In the fourth quarter of 2023, Centerra embarked on a site-wide optimization program at Mount Milligan, focused on a holistic assessment of occupational health and safety, as well as improvements in mine and plant operations. This program is focused on all aspects of the operation to maximize the potential of the orebody, setting up Mount Milligan for long-term success to 2035 and beyond. Some examples of initiatives include:

  • Occupational health and safety: improvements through a complete engagement of the operating team, with a focus on improving employee retention and reduced turnover.
  • Mine: improvements of the load/haul cycle, productivity, enhanced mine maintenance practices and refinement of the geometallurgical model; working towards seamless integration of mine and plant operations.
  • Plant: continuous improvement in the overall operability of the plant, flotation circuit, consumables, materials handling systems, and blending consistency of feed to the plant. The Company expects these actions to enhance plant throughput and recovery.

The Company is encouraged by the preliminary cash flow improvement estimates from the first phases of work on the program. Estimates of the potential cost savings from the asset optimization review are still being developed and are not included in Mount Milligan’s 2024 cost guidance ranges.

On February 14, 2024, Centerra announced that the Company and its subsidiaries have entered into an additional agreement with Royal Gold relating to Mount Milligan, which has resulted in a life of mine extension to 2035 and established favourable parameters for potential future mine life extensions. Centerra will be initiating a Preliminary Economic Assessment (“PEA”) to include significant drilling completed to the west of the pit not currently included in the existing resource, plus inclusion of existing resources, most of which are classified in the measured and indicated categories. The PEA will also evaluate several capital projects to support further expansion of Mount Milligan’s life, including options for a new tailings storage facility and potential process plant upgrades. The Company will also be starting the associated work on permitting and engagement with its First Nations partners and local stakeholders. The PEA is expected to be completed in the first half of 2025.

Öksüt

Öksüt produced 88,756 ounces of gold in the fourth quarter of 2023, and 195,926 ounces in the full year 2023, which is just above the midpoint of the guidance range of 190,000 to 210,000 ounces. During the quarter, mining activities were focused on phase 5 and phase 6 of the Keltepe pit and in phase 2 of the Güneytepe pit. In the fourth quarter 2023, a total of 3.5 million tonnes were mined and 1.2 million tonnes were stacked at an average grade of 1.95 g/t.

Full year 2024 production guidance at Öksüt is 190,000 to 210,000 ounces of gold, which is unchanged from the previously disclosed life of mine plan published on September 18, 2023. Gold production is expected to be elevated in the first half of 2024, as the elevated leach pad inventories and stockpiles are processed through the adsorption, desorption, and recovery (“ADR”) plant. The Company estimates approximately 60% of the annual production is weighted to the first half of the year.

Gold production costs and AISC on a by-product basis NG for the fourth quarter 2023 at Öksüt were $474 per ounce and $671 per ounce, respectively. Gold production costs and AISC on a by-product basis NG for the full year 2023 were $457 per ounce and $675 per ounce, respectively, in line with the previously disclosed guidance ranges of $425 to $475 per ounce and $625 to $675 per ounce, respectively. These low costs per ounce were primarily related to processing the gold-in-carbon and heap leach inventory that was accumulated at Öksüt in 2022 and first half of 2023 and had relatively low weighted average costs per ounce.

Öksüt’s full year 2024 gold production costs guidance is expected to be $650 to $750 per ounce. Full year 2024 AISC on a by-product basis NG guidance at Öksüt is expected to be $900 to $1,000 per ounce. Costs in 2024 are expected to be higher than last year due to increased mining and hauling costs, and higher weighted average cost per ounce in the remaining inventory.

The Turkish corporate income tax rate applicable to Öksüt is 25%. In 2024, Öksüt’s current income tax paid is expected to be between $85 to $95 million, which includes withholding tax related to repatriation of earnings. As a result of the expected timing of tax and annual royalty payments, free cash flow at Öksüt in the second quarter of 2024 is expected to be impacted by tax and royalty payments.

Molybdenum Business Unit

In the fourth quarter 2023, the Molybdenum Business Unit sold 2.2 million pounds of molybdenum, generating revenue of $47.4 million with an average realized price of $20.35 per pound. In the full year 2023, the Molybdenum Business Unit sold 11.2 million pounds of molybdenum, generating revenue of $306.7 million with an average realized price of $25.39 per pound.

During the fourth quarter 2023, Thompson Creek Mine commenced some early works in the main open pit area that are expected to continue through 2024. The cost of these activities are expected to be expensed until mid-2024, following the completion of a feasibility study.

In the first quarter of 2023, the Langeloth Facility required a $67 million investment in working capital to finance its business due to a rapid increase in molybdenum prices. Approximately $57 million of the investment in working capital has been released over the remainder of 2023.

Fourth Quarter and Full Year 2023 Operating and Financial Results and Conference Call

Centerra invites you to join its 2023 fourth quarter conference call on Friday, February 23, 2024, at 9:00am Eastern Time. Details for the conference call and webcast are included below.

Webcast

  • Participants can access the webcast at the following link:
    https://services.choruscall.ca/links/centerragold2023q4.html
  • An archive of the webcast will be available until the end of day on May 23, 2024.

Conference Call

  • Participants can register for the conference call at the following registration link . Upon registering, you will receive the dial-in details and a unique PIN to access the call. This process will bypass the live operator and avoid the queue. Registration will remain open until the end of the live conference call.
  • Participants who prefer to dial in and speak with a live operator can access the call by dialing 1-800-319-4610 or 604-638-5340. It is recommended that you call 10 minutes before the scheduled start time.
  • After the call, an audio recording will be made available via telephone for one month, until the end of day March 23, 2024. The recording can be accessed by dialing 412-317-0088 or 1-855-669-9658 and using the passcode 0641. In addition, the webcast will be archived on Centerra’s website at: www.centerragold.com/investor/events-presentations .
  • Presentation slides will be available on Centerra’s website at www.centerragold.com .

For detailed information on the results contained within this release, please refer to the Company’s Management’s Discussion and Analysis (“MD&A”) and financial statements for the quarter ended December 31, 2023 that are available on the Company’s website www.centerragold.com or SEDAR+ at www.sedarplus.ca .

About Centerra

Centerra Gold Inc. is a Canadian-based mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. The Company also owns the Goldfield Project in Nevada, United States, the Kemess Project in British Columbia, Canada, and owns and operates the Molybdenum Business Unit in the United States and Canada. Centerra’s shares trade on the Toronto Stock Exchange (“TSX”) under the symbol CG and on the New York Stock Exchange (“NYSE”) under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.

For more information:

Lisa Wilkinson
Vice President, Investor Relations & Corporate Communications
(416) 204-3780
lisa.wilkinson@centerragold.com

Lana Pisarenko
Senior Manager, Investor Relations
lana.pisarenko@centerragold.com

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